FENIX RESOURCES LTD — Capital/Financing Update 2008

Nov 30, 2008

==> picture [443 x 99] intentionally omitted <==

ASX/MEDIA RELEASE 1 December 2008

FURTHER TO DRILL RESULTS RELEASE - BASE METAL MINERALISATION AT NORTH POOL PROJECT

Key Points

• 30 shallow reconnaissance aircore drillholes over 3000 metres,

• Emergents airborne programs confirm strong base metal prospectivity,

Perth-based exploration company Emergent Resources Limited (ASX: EMG) is pleased to announce further details of its exploration and drilling program at the company’s North Pool Base Metals Project in the mid-west region of Western Australia. The drilling has returned widespread base metal mineralization, particularly zinc, the outermost pathfinder of the halo around significant mineralization which may occur at depth.

The drilling results (attached table) come from a recently completed 30 hole drill program, across a 3 kilometre strike width, at the North Pool Base Metal Project (from 209954E,7069180N to 212396E,7070673N). The table shows the widespread high levels of copper mineralization (+100 ppm Cu) and three zones centered on 210200E, 210800E and 211800E with high level coincident copper and zinc (+200 ppm Zn). All are associated with significant sulphides in a variety of host rocks indicative of pervasive alteration. Alteration patterns extending for 15 kilometres to the north east of the drilling are apparent on the Hyper-spectral processed data images.

Results previously reported from the drill program include;

• 12 metres averaging 373 ppm Zn (0 to 12 metres depth -Hole NPAC 21, 210198E,7069371N)

• 20 metres averaging 241 ppm Zn (32 to 52 metres depth -Hole NPAC 04, 210599,7069728N)

• 12 metres averaging 336 ppm Zn (28 to 40 metres depth -Hole NPAC 05, 210808E,7069850).

Processing and interpretation other data from recent airborne HyVista, magnetic, and radiometric programs to determine drill targets is in progress for large scale base metal deposits. The exploration model is similar to other Proterozoic settings, like Mt Isa and Cobar. An extensive Mobile Metal Ion (MMI) soil geochemical survey presently in progress will add significantly to the drill target prioritisation.

For further information please contact:

Garry Hemming James Moses Managing Director Media and Investor Relations Emergent Resources Fortbridge Consulting Mob: 0419 835 757 Mob: 0420 991 574 E: ghem@westnet.com.au E: james.moses@fortbridge.com Website: www.emergentresources.com.au

Technical information in this report has been prepared under the supervision of Mr Garry Hemming, a director of the company and a member of the Australasian Institute on Mining and Metallurgy (AusIMM). Mr Hemming has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Hemming consents to the inclusion in this report of the Information, in the form and context in which it appears.

HoleID	Depth m	From m	To m	width	Cu_ppm	Pb_ppm	Zn_ppm	E	N
NPAC-017	26	4	24	20	88.8	1.0	47.8	209954	7069180
NPAC-019	35	4	32	28	87.1	2.3	76.3	209999	7069283
NPAC-001	46	8	44	36	104.3	7.9	107.2	210007	7069244
NPAC-018	53	4	52	48	79.7	4.3	71.8	210013	7069195
NPAC-026	44	4	44	40	107.9	7.7	78.9	210072	7069371
NPAC-024	37	4	36	32	97.8	8.0	80.3	210076	7069238
NPAC-025	36	4	36	32	106.0	9.6	122.1	210077	7069276
NPAC-020	44	4	44	40	89.3	9.4	107.9	210078	7069325
NPAC-002	50	4	48	44	97.7	11.3	86.5	210194	7069422
NPAC-022	41	4	40	36	115.0	10.0	98.8	210196	7069336
NPAC-021	44	4	44	40	111.2	9.3	189.0	210198	7069371
NPAC-021		0	12	12	89.0	7.7	373.0
NPAC-023	50	4	48	44	97.4	12.7	92.3	210203	7069479
NPAC-003	38	4	36	32	101.0	0.8	48.6	210393	7069525
NPAC-004	53	4	52	48	108.2	7.9	155.4	210599	7069728
**NPAC-004 **		32	52	20	106.6	11.4	241.0
NPAC-005	43	4	40	36	89.4	21.3	195.0	210808	7069850
NPAC-005		28	40	12	90.3	31.0	336.0
NPAC-006	30	4	24	4	109.0	11.2	186.6	211010	7069937
NPAC-006		8	20	12	104.7	17.0	225.3
NPAC-007	20	4	12	4	126.0	1.0	65.0	211195	7070002
NPAC-008	22	4	20	16	119.5	7.5	66.0	211414	7070141
NPAC-009	17	4	16	12	114.0	2.0	55.3	211605	7070307
NPAC-027	31	4	28	24	109.0	1.0	51.3	211764	7070401
NPAC-010	56	4	56	52	89.8	19.0	131.1	211802	7070418
NPAC-010		28	40	12	98.3	43.7	247.7
NPAC-028	32	4	32	28	106.1	1.2	58.4	211818	7070371
NPAC-030	32	4	32	28	122.7	4.3	74.7	211843	7070452
NPAC-012	32	4	32	28	116.9	3.0	113.1	212001	7070479
NPAC-012		4	16	12	133.3	1.7	248.0
NPAC-013	50	4	48	44	111.6	5.4	76.0	212125	7070536
NPAC-014	50	4	48	44	112.1	1.1	89.4	212130	7070559
NPAC-015	50	4	48	44	123.7	1.4	105.2	212176	7070575
NPAC-012	35	4	32	28	129.9	0.5	124.7	212200	7070555
NPAC-016	44	4	44	40	119.4	1.9	98.1	212396	7070673
NPAC-029	61	4	56	52	75.6	14.2	122.4	211789	7070466

Table of North Poll Base Metal Project aircore drilling results

About Emergent Resources

Emergent Resources has a portfolio of five high priority projects in Western Australia, headlined by the Beyondie Iron Project in the Pilbara region of the state. The company’s other projects are in WA’s midWest region and are highly prospective for large base metals, precious metals and uranium deposits in a largely under-explored area.

The Company plans to explore and develop its projects (commencing with Beyondie, and the North Pool and Mount Bartle Base Metal Projects) and also pursue appropriate joint venture and partnering arrangements to enhance shareholder value. The North Pool Project is the main focus of Emergent’s portfolio of base metals projects in the mid-west region of WA. It is highly prospective and is highlighted by outcropping base metal mineralised acid volcanics (with outcropping gossans) in an under explored area that has now been drilled for the first time.

Approvals have been granted for the first drilling campaign at the Beyondie Iron Project, planned for 1[st] week of December 2008.

The Beyondie Project is located south of the major iron ore town of Newman, immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline. Results of up to 10metres @ 63.37%Fe and 140metres @ 53.18%Fe have been reported at the project area, over 10km of the 30km strike length sampled. Emergent has the right to earn up to an 80% interest at the project in a joint venture with De Grey Mining Limited.

The Board has strong skill sets in prospecting, technical, geological, and financial disciplines.

Project Location Map

==> picture [300 x 356] intentionally omitted <==